Taxation

Question 1

The process by which a governmnet collects money from individuals, businesses, and other entities to fund public services and government operations.

Answer 1

Taxation

Question 2

_ is levied on the income of individuals and businesses. It is based on the income amount with percentage dpending on the income level.

Answer 2

Income Tax

Question 3

This type of tax is inposed on the sale of goods and services, with the rate of 12% applied to each business transaction.

Answer 3

Value Added Tax

Question 4

This tax is levied on the specific products like alcohol, cigarettes, and petroluem products.

Answer 4

Excise Tax

Question 5

This tax is imposed on the assests of a deceased individuals before these are passed on to heirs.

Answer 5

Estate Tax

Question 6

This tax is applied when a person or company gives property to someone else without recieving any payment or profit in return.

Answer 6

Donor’s Tax

Question 7

This tax is on income from selling assests, such as land or houses.

Answer 7

Capital Gains Tax

Question 8

This tax is an alternative to VAT, imposed on small businesses or individuals not covered by VAT.

Answer 8

Percentage Tax

Question 9

This tax is automatically deducted from employee earnings or other income sources.

Answer 9

Withholding Tax

Question 10

Is a tax on legal or commercial documents such as land titles.

Answer 10

Documentary stamp tax (DST)

Question 11

This tax is imposed on the land and building ownerd based on property value

● Collected by local governemnt to fund community projects and services.

Answer 11

Real Property Tax (RPT)